High End Flip - MidCentury Home

[Matt Williams]

Investment Info:

Single-family residence fix & flip investment in Portland.

Purchase price: $572,000
Cash invested: $200,000
Sale price: $950,000

This was a fun project. It was a great find too. Originally a 3,100 square foot home located on 2 acres, 15 mins from downtown!
There were some massive changes we made to this house. It ended up being about 3,300 square feet all said and done.

There was too much to list out, with regards to what all we did to this home, but this was another fun and profitable high-end rehab deal.

What made you interested in investing in this type of deal?

Well, this is what we do: Relatively high-end flips that end up selling around $1M. One of the things that made this especially interesting to me is that it was on 2 acres literally 15 mins to downtown Portland. So it was a very unique property.

How did you find this deal and how did you negotiate it?

It was on the MLS. I don't recall, but I'm certain it had just hit the market. There were a handful of other buyers walking through the house when we were there. All of them talking about remodel ideas. I figured there's no way we would get the house. Generally, when there are a bunch of offers coming in at once, our's is rarely the winning offer. However, much to my surprise, our offer got accepted. Seller mentioned that closing date and no contingencies is what won us the deal!

How did you finance this deal?

Some institutional hard money and private money, plus some of our own cash.

How did you add value to the deal?

Well the house underwent pretty significant floor plan changes. We essentially worked with the space that was there, plus finished out a lower level workshop.
We took the old Master Bedroom, tiny Master Bath, second Bedroom, and Hall Bath, and turned it into a gorgeous Master Suite with an incredible bathroom and large Walk-In Closet. We removed a ton of walls which included installing five massive beams in attic. We converted a workshop into a secondary Suite. And added a gorgeous Wine Room.

What was the outcome?

Sold it, and came out very profitable.

Lessons learned? Challenges?

I learned that not as many people want an acreage property as you may think. I also learned how much a driveway sink hole can sink in one year!